mortgage insurance department

protect you, your family and what could be your largest investment

Protect you and your family from the financial burdens associated with a Mortgage. Our mortgage insurance plans are about more than just your home; it is about protecting what matters most in your life.

When you buy a home it is important to protect you and your family from the financial burdens associated with the mortgage. Puhl Employee Benefits finds and implements the best mortgage insurance and or other creditor payment protection policies for you and your families needs. Our goal is to take care of you and your Home, contact us today with any questions regarding Mortgage Insurance.

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CMHC
CMHC Mortgage Calculator
We want you to know that you are far better off without the insurance the bank includes with your mortgage. Now, this isn't to say you don't need to insure your mortgage but an ordinary term life policy will do far better. Here's all the reasons why:
Premiums

With mortgage insurance, everyone pays the same premium. There are no discounts for say, being a non-smoker or being healthy. So, you're usually not getting the best deal. Even if you are a chain smoker who eats a pound of bacon every day you probably still aren't getting a better deal, in fact, you may be paying for nothing.

Underwriting

A scary technical sounding word which just means that your insurance is "underwritten" to determine if you qualify. Assuming you do, your cost of insurance is based on your age, health, activities and pre-existing conditions, but as long as you qualify and pay your premiums, your coverage is guaranteed and the policy will pay out. The bank's mortgage insurance may use "post-claim underwriting". This means that they'll only decide if you qualify after a claim is made at which point they may decide you never did qualify and wind up paying nothing.

Beneficiary

With mortgage life insurance the beneficiary is the bank but with personal life insurance you get to name your beneficiary. Your beneficiary will have the flexibility to choose how to spend the money. They may not need it to pay off the mortgage. They could invest the money or just spend it. This means better financial security for your loved ones.

Portability

Mortgage life insurance is typically tied to your mortgage. If you buy another home or chose a different mortgage lender at renewal, you may have to take it our again. A simple term-life policy will continue to cover you regardless of who you have your mortgage with.

Needs Analysis

If you already have life insurance, you may actually already have sufficient (or partial)coverage for your mortgage. Only a proper needs analysis by an insurance advisor will determine that. Your mortgage lender will not bother with this and always cover the full mortgage amount.

Declining Benefits

The bank's mortgage life insurance benefit value declines as you pay down your mortgage. While you continue to pay the same price for insurance, it's actually worth less. Traditional term policies keep their value and usually do so with lower premiums.

Consolidation of Coverage

With private term life, you can consolidate all your insurance needs (mortgage, income replacement at death, education and childcare, etc.) into a single policy. This saves you money on the overhead and fees of having multiple plans. With the bank, you can only cover the mortgage and must hold different insurance policies for the rest of your needs.

Allow us the opportunity to provide you with a second opinion on your mortgage insurance

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